Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Lyft, Inc.
  6. News
  7. Summary
    LYFT   US55087P1049

LYFT, INC.

(LYFT)
  Report
Delayed Nasdaq  -  03:50 2022-10-06 pm EDT
13.76 USD   +0.07%
10/05Lyft : 2022 Environmental, Social, and Corporate Governance Report
PU
10/04Uber asks employees to return to office twice a week
RE
10/04General Motors Says Former Tesla, Lyft Executive Jonathan McNeill Joins Board
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Lyft's operating profit surges on rideshare demand, hiring slowdown

08/04/2022 | 04:11pm EDT
FILE PHOTO: The Lyft Driver Hub is seen in Los Angeles

(Reuters) - Ride-hailing firm Lyft Inc on Thursday reported a record adjusted operating profit, benefiting from a surge in demand for rides and a dramatic slowdown in company-wide hiring that helped manage costs.

Earlier this week, bigger rival Uber Inc reported upbeat quarterly results and turned cash flow positive for the first time, signaling demand for rideshare even as high inflation forces several consumers to cut back on spending.

Lyft last quarter said it would make investments to attract drivers as ride-hailing companies struggled with fewer cars on the road when consumers were returning to offices and taking more airport trips. Both Uber and Lyft are seeing more driver sign-up, as cost of living increases.

"We had the majority of new drivers come in organically ... There is a tailwind as more and more people are enjoying this supplemental income," Lyft President John Zimmer said in an interview with Reuters.

Zimmer said the growth also came as it focused on product and engineering to improve marketplace efficiency.

He said the company sees more room for growth as it works on how it matches riders and drivers and introduces new programs for users that come at different price points.

Lyft was also among a slew of tech companies that slowed hiring to cope with an economic slowdown.

The company's adjusted EBITDA, a metric that excludes stock-based compensation and some other costs, was $79.1 million for the second quarter.

That surpassed its own forecast of a range between $10 million and $20 million.

Active riders were 19.9 million in the second quarter, up 12% from the prior quarter, and the highest on Lyft's platform since COVID-19 began. Airport trips made up 10.2% of total rides, a historic high, Zimmer said, adding that there was strong demand for rideshares.

Revenue grew 30% to $990.7 million in the quarter ended June 30 from a year ago.

(Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)

By Nivedita Balu


© Reuters 2022
All news about LYFT, INC.
10/05Lyft : 2022 Environmental, Social, and Corporate Governance Report
PU
10/04Uber asks employees to return to office twice a week
RE
10/04General Motors Says Former Tesla, Lyft Executive Jonathan McNeill Joins Board
MT
10/04Former Tesla executive joins board of rival automaker GM
RE
09/30Hundreds of gig driver jobs under threat in Spain as new rules kick in
RE
09/28Global markets live: Tesla, Biogen, Lyft, Ford, Toyota...
MS
09/28Good cops, bad cops
MS
09/28Sector Update: Tech Stocks Lean Lower Premarket Wednesday
MT
09/28MarketScreener's World Press Review : September 28, ..
MS
09/28Lyft Reportedly Freezing Hiring in US Due to Uncertain Economy
MT
More news
Analyst Recommendations on LYFT, INC.
More recommendations
Financials (USD)
Sales 2022 4 086 M - -
Net income 2022 -876 M - -
Net cash 2022 847 M - -
P/E ratio 2022 -5,62x
Yield 2022 -
Capitalization 4 850 M 4 850 M -
EV / Sales 2022 0,98x
EV / Sales 2023 0,70x
Nbr of Employees 5 000
Free-Float 87,7%
Chart LYFT, INC.
Duration : Period :
Lyft, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends LYFT, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Last Close Price 13,75 $
Average target price 30,29 $
Spread / Average Target 120%
EPS Revisions
Managers and Directors
Logan D. Green Chief Executive Officer & Director
John Zimmer Chief Operating Officer & Director
Elaine Paul Chief Financial Officer
Prashant Aggarwal Chairman
Valerie B. Jarrett Independent Director
Sector and Competitors
1st jan.Capi. (M$)
LYFT, INC.-67.82%4 850
TENCENT HOLDINGS LIMITED-38.92%334 807
NETFLIX, INC.-60.70%105 275
PROSUS N.V.-24.14%75 330
AIRBNB, INC.-32.87%71 470
UBER TECHNOLOGIES, INC.-30.41%57 774